Wasps: Financially-troubled Premiership club in talks with potential investors

Wasps bought 50% of Arena Coventry Limited in 2014

Wasps have asked for more time to resolve their financial problems with a "number of potential investors and funders" having come forward.

Wasps Holdings Limited, which includes the Premiership club and Arena Coventry Limited, have filed a second notice to appoint administrators.

The company said the move will "allow negotiations on securing its long-term future to continue".

The club continue to fulfil fixtures and will play Northampton on Sunday.

A Wasps Holdings Limited statement said: "Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

"Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.

"We would like to thank all stakeholders for their engagement during this process, and in particular the constructive support and approach provided by the RFU (Rugby Football Union) and PRL (Premiership Rugby).

"This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.

"While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward."

Wasps won 39-31 at Bath in their most recent Premiership game on 23 September

The six-time English champions are trying to avoid a similar fate to Premiership rivals Worcester Warriors, whose season was suspended last week after they went into administration.

Wasps Holdings said on 21 September that filing a notice of intent to appoint administrators did not mean "the business is in administration".

The club have been in discussions with HM Revenue and Customs since August over an unpaid tax bill.

They also need funds to repay some of the £35m in bonds which helped finance their relocation from London in 2014.

Wasps, who played in London in their amateur days, have had three homes since rugby union became professional in 1996, previously spending six years sharing Loftus Road with Queens Park Rangers, before moving to High Wycombe.

Sports finance expert Dr Dan Plumley, from Sheffield Hallam University, told the BBC that you "want clubs to be targeting a model of self sustainability".

"Historically, clubs have been propped up by wealthy owners and wealthy benefactors, who have been prepared to cover some of the losses," he said.

He said the "short-termism" of professional team sports led to "acute pressures" on clubs and escaping that scenario was a "long-term fix".

Asked about the overall health of the English game, Dr Plumley added: "I think Premiership rugby is a strong enough product to survive. There is a product there to sell that is attractive and obviously the fans keep coming to watch the matches.

"I don't think there's a situation where Premiership rugby is under threat but there are some financial hurdles to navigate moving forward."